Australian Economic Review最新文献

{"title":"The Australian Economy in 2024–2025: Living and Housing Affordability","authors":"Guay Lim,&nbsp;Viet Nguyen,&nbsp;Tim Robinson,&nbsp;Sarantis Tsiaplias","doi":"10.1111/1467-8462.12586","DOIUrl":"https://doi.org/10.1111/1467-8462.12586","url":null,"abstract":"<p>The economy grew at a well below-trend pace in 2023/2024. Inflation fell, and the unemployment rate edged higher, but these changes were not sufficient to convince the Reserve Bank of Australia to start cutting the cash rate. In 2024, the federal Budget included cost-of-living financial support, as well as measures to support housing affordability, but living standards continued to slip as real GDP per capita fell. Overall, the Misery Index for Australia remains high and ongoing uncertainty about the United States and Chinese economies are downside risks to the outlook for 2024/2025.</p>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"58 1","pages":"5-15"},"PeriodicalIF":1.0,"publicationDate":"2025-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12586","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143565348","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Leigh, Andrew (2024) The Shortest History of EconomicsBlack Inc. Books","authors":"Laura Panza","doi":"10.1111/1467-8462.12592","DOIUrl":"https://doi.org/10.1111/1467-8462.12592","url":null,"abstract":"&lt;p&gt;In his book, Andrew Leigh (&lt;span&gt;2024&lt;/span&gt;) provides a concise overview of the development of economic thought and its historical impacts. The narrative connects major economic milestones, starting as early as the Agricultural Revolution, stretching all the way to the modern globalized economy. The book is structured chronologically, touching on key themes such as the evolution of global trade, technological advancements and the interplay between markets and societal changes.&lt;/p&gt;&lt;p&gt;&lt;i&gt;The Shortest History of Economics&lt;/i&gt; identifies the Agricultural Revolution as the starting point for the story of economics. This perspective aligns with the conventional narrative that the transition from hunter-gatherer societies to settled agricultural communities was the foundation for economic systems, enabling surplus production, trade and the rise of organized markets. While this viewpoint is supported by arguably most economic historians, it has faced significant criticism, particularly in recent scholarship. One notable counterargument comes from &lt;i&gt;The Dawn of Everything: A New History of Humanity&lt;/i&gt; by Graeber and Wengrow (&lt;span&gt;2021&lt;/span&gt;), who challenge the deterministic view that agriculture inherently led to hierarchical societies, economic specialization, and the development of state systems. The authors argue that the focus on agriculture as the root of economic systems oversimplifies humanity's past and downplays examples of complex social and economic systems that existed before widespread farming. For instance, they highlight evidence of sophisticated trade networks, social stratification, and even monumental construction among hunter-gatherer societies, challenging the idea that these features are exclusive to agrarian economies. Leigh's reliance on the traditional narrative is likely a deliberate choice to ensure accessibility, which is understandable given the book's brevity. However, incorporating alternative perspectives would have enriched the discussion, providing a more comprehensive view for readers new to the history of economics.&lt;/p&gt;&lt;p&gt;The subsequent chapters delve into the rise of markets during the Industrial Revolution, a pivotal period that reshaped economies and societies globally. Leigh highlights how technological advancements, such as the steam engine, mechanized textile production, and improved transportation networks, spurred unprecedented economic growth and productivity. These innovations not only revolutionized industries but also facilitated the shift from localized economies to interconnected markets, enabling the large-scale production and distribution of goods. The focus on mass production, symbolized by the factory system, introduced new efficiencies but also created challenges, including labour exploitation, urbanization pressures, and stark wealth inequalities. Leigh uses these historical developments to illustrate how technological progress and market expansion fundamentally transformed economic systems, p","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"58 1","pages":"39-40"},"PeriodicalIF":1.0,"publicationDate":"2025-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12592","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143565349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Notes for PhDs in Economics and Finance on Getting a Job","authors":"Kenneth W. Clements","doi":"10.1111/1467-8462.12588","DOIUrl":"https://doi.org/10.1111/1467-8462.12588","url":null,"abstract":"<p>The notes start with a description of the market for PhDs in economics and finance. Then follows some suggestions and comments on an important part of the academic market, the job-market paper – its nature and the pros and cons of co-authorship. Finally, I discuss the role of the oral presentation, also important for a job in academe, as well as in other areas.</p>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"58 1","pages":"41-47"},"PeriodicalIF":1.0,"publicationDate":"2025-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12588","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143565453","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Should the Reserve Bank Cut Interest Rates?","authors":"Jeff Borland,&nbsp;Peter Dawkins,&nbsp;Ross Garnaut,&nbsp;Isaac Gross,&nbsp;Warren Hogan,&nbsp;Michael Keating,&nbsp;Guay Lim,&nbsp;Peter Tulip,&nbsp;David Vines,&nbsp;Elizabeth Webster","doi":"10.1111/1467-8462.12587","DOIUrl":"https://doi.org/10.1111/1467-8462.12587","url":null,"abstract":"<p>Nine leading economists acknowledge that the state of the labour market is currently the critical factor determining price inflation and, consequently, the decision to adjust the cash rate. The main point of contention is how high unemployment, and other measures of labour surplus, need to be, to ensure wages do not fuel further inflation. Five economists agree that current conditions (January 2025) are not stimulating inflation and delaying a rate cut could risk a low growth, low productivity outcome; two have a conditional view, and two would like to see rates maintained.</p>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"58 1","pages":"16-20"},"PeriodicalIF":1.0,"publicationDate":"2025-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12587","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143565263","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Academic Job Market for (Financial) Economists","authors":"Paul Kofman","doi":"10.1111/1467-8462.12590","DOIUrl":"https://doi.org/10.1111/1467-8462.12590","url":null,"abstract":"<p>These notes reflect a panel discussion on the job markets for Australian PhDs on the occasion of the 2024 PhD Conference in Economics and Business. The author is grateful for the comments by Professor Ken Clements, moderator of the panel and cofounder of the PhD Conference start with a personal reflection on the job market for PhDs in Economics and Finance. We take a closer look at today's academic job market conditions and draw comparisons with the job market conditions in the corporate, public and not-for-profit sectors. We then consider the selection criteria adopted by the recruiters. Followed by advice on how to successfully navigate the academic job market, how to avoid common mistakes, and how to find the perfect match between a candidate and a recruiting school.</p>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"58 1","pages":"48-52"},"PeriodicalIF":1.0,"publicationDate":"2025-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12590","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143565295","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Economic Consulting as a Career for Economics PhDs","authors":"Jerome Fahrer","doi":"10.1111/1467-8462.12591","DOIUrl":"https://doi.org/10.1111/1467-8462.12591","url":null,"abstract":"<div>\u0000 \u0000 <p>This article is about careers for economics PhDs in the economic (or economics and policy) consulting industry in Australia. It draws on the author's experience, himself an economics PhD with 30 years of experience in the industry at ACIL Allen.</p>\u0000 </div>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"58 1","pages":"57-60"},"PeriodicalIF":1.0,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143565317","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effect of Reading and Writing Assistance on Receipt of Disability Support Pension","authors":"Nary Hong","doi":"10.1111/1467-8462.12585","DOIUrl":"https://doi.org/10.1111/1467-8462.12585","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the impact of receiving reading and writing assistance on Disability Support Pension (DSP) receipt in Australia, focusing on disabling conditions not associated with age-specific manifestations. Analysis indicates a significant 21%–29% increase in DSP likelihood with reading and writing assistance, consistent across various specifications. Moreover, using an instrumental variable approach that distinguishes individuals by younger disability onset ages, indicative of potentially lower levels of education, yields a stronger reading and writing assistance effect. This suggests that the assistance increases the likelihood of receiving DSP by influencing discrepancies in reading and writing competencies at the juncture of disability onset.</p>\u0000 </div>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"58 2","pages":"91-108"},"PeriodicalIF":1.0,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144245167","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Disentangling Timing Uncertainty of Event-Driven Connectedness Among Oil-Based Energy Commodities","authors":"Evžen Kočenda,&nbsp;Daniel Bartušek","doi":"10.1111/1467-8462.12583","DOIUrl":"https://doi.org/10.1111/1467-8462.12583","url":null,"abstract":"<p>Reported news events frequently influence the pricing dynamics of oil-based commodities. We analyse almost 900 oil-related events from 1987 to 2022, categorising them based on recurring characteristics. We quantify dynamic connectedness among energy commodities and apply a novel bootstrap-after-bootstrap testing procedure to identify 21 statistically significant historical events that triggered abrupt and enduring increases in volatility connectedness. Geopolitical events are more consistently associated with elevated connectedness than economic events, while natural events do not exhibit a similar impact. Events share prevailing characteristics: their negativity, unexpected nature and the introduction of concerns about oil supply shortages.</p>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"58 2","pages":"65-90"},"PeriodicalIF":1.0,"publicationDate":"2025-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12583","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144244347","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Can Australia be a Renewable Energy Superpower?","authors":"Ingrid Burfurd","doi":"10.1111/1467-8462.12582","DOIUrl":"https://doi.org/10.1111/1467-8462.12582","url":null,"abstract":"<p>Current trade patterns reflect the low cost of transporting carbon-intensive fossil fuels. But renewable energy is expensive to transport. In a world moving to net-zero emissions, Australia can capitalise on its abundant renewable energy resource to process and export green minerals and fuels. With the right policy settings, Australia could not only meet its own international commitments to reach net-zero carbon emissions by 2050, but it could make a significant contribution to the global reduction in emissions, and prosper in the process.</p>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"57 4","pages":"401-412"},"PeriodicalIF":1.0,"publicationDate":"2024-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12582","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143252832","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Sensitive Intervention Points for Australia's Transition to Net-Zero Emissions","authors":"Kimathi Muiruri,&nbsp;Anna Skarbek,&nbsp;Penny Mealy,&nbsp;Cameron Hepburn","doi":"10.1111/1467-8462.12580","DOIUrl":"https://doi.org/10.1111/1467-8462.12580","url":null,"abstract":"<p><i>Australia is not on track to meet its obligations under the Paris Accord. How can action to achieve net zero be accelerated? Here, we apply the concept of ‘sensitive intervention points’ and consider six potential interventions that could have a disproportionate impact on Australia's progress: (i) a national plan to clarify direction; (ii) a national net-zero authority to coordinate efforts; (iii) support for a set of nationally significant projects in particular places; (iv) an industrial policy response akin to the US IRA; (v) a standard for the construction industry; and (vi) a requirement that companies develop net-zero plans. Individually and collectively, we argue that they could plausibly accelerate Australia's trajectory to net-zero emissions</i>.</p>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"57 4","pages":"387-400"},"PeriodicalIF":1.0,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12580","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143252928","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}